Fresh Vegetables - Sri Lanka

Sri Lanka

Highlights

Revenue in the Fresh Vegetables market amounts to US$3.42bn in 2024. The market is expected to grow annually by 10.05% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$101bn in 2024).
In relation to total population figures, per person revenues of US$156.10 are generated in 2024.
In the Fresh Vegetables market, volume is expected to amount to 2.08bn kg by 2029. The Fresh Vegetables market is expected to show a volume growth of 5.4% in 2025.0.
The average volume per person in the Fresh Vegetables market is expected to amount to 77.5kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Vegetables market in Sri Lanka is experiencing mild growth, influenced by factors such as changing dietary preferences, increased urbanization, and the rising demand for healthier food options. Supply chain improvements are also contributing to market dynamics.

Customer preferences: Consumers in Sri Lanka are increasingly prioritizing fresh, locally sourced vegetables as part of a broader shift toward sustainable and healthy eating habits. This trend is driven by a growing awareness of nutrition and the benefits of organic produce, particularly among younger generations. Additionally, urbanization is prompting a rise in demand for convenient, ready-to-cook vegetable options. Cultural influences, such as traditional cooking methods, are also encouraging a preference for seasonal vegetables, reflecting a desire for authenticity and connection to local agricultural practices.

Trends in the market: In Sri Lanka, the Fresh Vegetables Market is experiencing a significant shift towards organic and locally sourced produce, driven by heightened consumer awareness of health and nutrition. Younger generations are increasingly seeking fresh, seasonal vegetables that align with sustainable eating practices. Urbanization has also led to a demand for convenient, ready-to-cook vegetable options, reshaping the supply chain. This trend signifies a crucial opportunity for farmers and suppliers to innovate, ensuring authenticity while meeting evolving consumer preferences, ultimately enhancing market competitiveness and resilience.

Local special circumstances: In Sri Lanka, the Fresh Vegetables Market is uniquely influenced by its diverse climatic zones, enabling year-round cultivation of various crops. Cultural preferences for traditional dishes rich in vegetables foster a strong demand for local produce. Additionally, government regulations promoting organic farming practices are reshaping agricultural methods, encouraging sustainability. Urban growth is prompting innovations in distribution, with farmers adopting direct-to-consumer models. These factors collectively enhance the market's adaptability and resilience, positioning Sri Lanka as a leader in fresh, organic vegetables in the region.

Underlying macroeconomic factors: The Fresh Vegetables Market in Sri Lanka is significantly influenced by macroeconomic factors such as agricultural policies, trade dynamics, and consumer spending patterns. The country's national economic health, marked by fluctuating GDP growth rates, impacts the purchasing power of consumers, thereby affecting demand for fresh produce. Additionally, global trends in organic food consumption are driving local farmers to adapt their practices, aligning with international market demands. Fiscal policies promoting agricultural investment and infrastructure development also enhance market efficiency. Furthermore, inflation rates and currency stability play crucial roles in pricing and profitability, shaping the overall resilience of the fresh vegetables sector.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.